A 90% Winning Strategy - Simple but effective

Guys ! we all know about Renko Charts, you can use this strategy which is really basic, simple but very very effective. For making good profit it's not that you need loaded Indicators and systems, sometimes a very basic system turns to be effective. Here i am discussing a system which always works. Clear entry and exit rules, you can use this system for scalping on 5 minutes to 15 Minutes charts as well but i suggest go with 1Hr chart for maximum profit. Requirements
1) Renko Chart
2) 20 Period Moving average - Simple or Expo no matter.
3) MACD with standard settings.

Now let's see when we have to take Long or Short entry:

Long Entry Rule:
Renko Chart create a Blue Candle Which is crossing above 20 period Moving Average then take Long on closing of candle. - EMA shape points upwards and MACD crossing up for Long entry. Exit rule is Simple, as Renko chart form first Red candle exit trade on closing of candle.

Short Entry Rule:
Renko Chart create a Red Candle Which is crossing Below 20 period Moving Average then take Short on closing of candle. - EMA shape points Downside and MACD crossing down for Short entry. Exit rule is Simple, as Renko chart form first Blue candle exit trade on closing of candle.

Say you entered long and took profit as red block formed. But after that, green block forms and continues upward. Would you go long again given the conditions are still valid? Or would you strictly wait for 'crosses' every time you open a position?

the problem with Renko is the closing candle can actually be several candles. you can have 5 red candles in a row all printed at the same time. the back test will show the perfect sell spot but in real life you sold 5 red candles down instead.

@crabesd, If you go into Renko settings you have an option to use either ATR or Traditional. The value for each one can be manually adjusted, either by changing the ATR length for the ATR setting or the Box Size for the Traditional setting.

If you use Traditional, you can adjust the Box Size value to reflect the number of pips/points you want each bar to be (pips is a term of value used in the Forex market). For example: if you want each Renko bar to be 20 pips/points, then you would insert the following value in the Box Size space: 0.002. Likewise, if you want it to be 50 pips/points, you would put it as 0.005; 100 pips/points would be 0.010. You could even go lower than 20 if you so desire. 15 pips/points would be 0.0015

If you are using a pro+ account, however, it's not necessary to do this as you could produce the same or similar results using the ATR setting on a lower time frame, such as the 1HR chart. Of course, the number of pips/points you desire to use would determine which time frame you would use as the Renko bars appear differently on each time frame. You would have to play around with it to see which works best for you. The 1HR chart seems to work well using the ATR setting.

But if you want to be more precise, using the traditional setting and adjusting the Box size is the way to go.

To change Renko settings, click on any Renko bar and then right click on your mouse. You will see the settings option.

Isn’t Renko supposed to paint according to price and not time? Why the hell you can select mins, days, weeks and months in Tradingview? And if you want to select less than 1D chart without having a Pro account, it reads you have to go Pro.
I don’t get it, tbh...

Btw, this is a good technique during an uptrend, but during a downtrend, if you buy every time a green block appears and sell when the red appears, you can go broke, because you will buy really high and sell really low. I was really interested in Renko but I’ll leave it just for comparing with Heikin Ashi and Japanese candles charts.

@Andbcoin, Fact is you are right as far as how Renko Should be calculated, BUT that is not how Tradingview does it. Whatever time frame you put for Renko will determine when new blocks a created.
On an hour time frame, you could get 5 blocks shows as pending, and they will not trigger your alert until, that hour is up. Bottom line is that to get even close to real Renko you must put your chart in to one minute time frame.
And even then a lot can happen in one minute, and your alerts will not trigger until the minute is up even though the price has gone way beyond your trigger point.